Yet another positive indication how foreign investors are poised to invest huge amounts into Pakistan, especially with historic Gwadur project nearing completion.
http://www.dailytimes.com.pk/default.asp?page=story_26-2-2004_pg5_8
UAE firm may invest $1.2b in power sector
Coastal Trading and Construction Company of Dubai is exploring possibilities of investing over $1.2 billion in mega hydropower projects in Pakistan. This was disclosed by Yousuf Mohamed Najibi, the company’s chief executive, in a meeting with Shaukat Aziz, the federal finance minister, here Wednesday. The firm has so far invested around $50 million in Pakistan in the Hufaz Pipe plant at Nooriabad, Karachi. It has recently increased production capacity to meet domestic and international demand from the oil and gas industry. It is currently producing 12,000 tones pipes out of which 3,000 tones are exported to Europe, Far East and Oceania, said an official statement.
Mr Najibi indicated his interest in Neelum-Jhelum Hydro Power Project. Mr Aziz stated that Pakistan offers a variety of hydropower projects ranging from 50 megawatts to over 1,000 megawatts for investment. These power projects include hydel power plants and gas fired power projects. He also stated that the Coastal Trading Company could consider participating in privatisation of Jamshoro Power Plant, power distribution companies in Faisalabad, Karachi and Peshawar. Similarly, the small power projects of 50 to 100 megawatts could also be considered for investment. The two sides also discussed investment in real estate and telecommunications. Mr Najibi said that his company was also exploring possibilities for investing in real estate. Mr Aziz indicated Gawadar, Karachi, Lahore and new Murree as potential sites for investing in real estate especially for hotels, shopping plazas and housing projects. He also informed the UAE investor that Gawadar Seaport was a fast track project. It would be declared an open city to attract foreign and local investment.
Mr Najibi said that Pakistan’s economic performance, its enhanced international credibility, stable currency and investor-friendly policies provide an enabling atmosphere to investors. He said that the development of Gawadar Port would compliment the industrial development in Pakistan and the Gulf. Mr Aziz stated that Pakistan would continue to stay the course of economic reforms to further consolidate gains.